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Analysis: Bitcoin price diverges from demand; spot demand has yet to turn positive,ETF while inflows and exchange accumulation provide short-term support.
BlockBeats news,September 23, CryptoQuant analyst Darkfost noted that although Bitcoin's price is rising, sustained buying demand remains difficult to rebuild and market signals are mixed. 30 The daily cumulative spot demand stands at -180000 coins BTC, remaining negative, while futures demand stands at 54000 coins, remaining positive but declining slightly. Total average demand improved from -188000 coins to -126000 coins; the gap has narrowed, but it remains in negative territory overall. A divergence has recently emerged between price and total demand: Bitcoin's price has risen, but total demand has yet to turn positive, indicating that the increase has been driven more by reduced selling pressure than by strong buying demand.
By segment, the demand recovery has been uneven. On the institutional side, despite an unfavorable geopolitical and macroeconomic environment, the volume-weighted Coinbase Premium briefly turned positive, indicating that U.S. spot prices occasionally traded at a premium to other markets and that institutional selling pressure has eased significantly.ETF represents the biggest change in this cycle. Compared with this summer, demand has completely reversed, with recent net purchases of approximately 70000 coins.BTC，2026 year-to-date cumulative net inflows remain at approximately -17000 coins, but are close to turning positive again. On exchanges, the entire September has been dominated by net outflows, favoring accumulation rather than distribution. Bitcoin leaving exchanges generally implies lighter short-term selling pressure.
Analyst Darkfost concluded that the current price increase is not primarily due to stronger buying demand, but because investors have not continued to add selling pressure at higher price levels; the market structure remains fragile.
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